Yeah, if you squint hard enough, everything new is just the reinvention of the wheel [4]. And yet – sometimes small, incremental improvements are what it takes to push a concept (steam powered machines, or bytecode for execution in the browser) from niche applications to being a breakthrough technology. I don't know if WebAssembly will be that incremental improvement, but claiming that it won't because Java tried and failed is a lazy, fallacious argument.
[1] https://en.wikipedia.org/wiki/Watt_steam_engine
[2] https://en.wikipedia.org/wiki/Newcomen_atmospheric_engine
[3] https://en.wikipedia.org/wiki/Aeolipile
[4] Speaking of reinventing the wheel: Those radial tires, eh, who needs them? They're basically just like cross ply tires. Not to mention the spoked wooden wheels that have been around since forever.
The article expressly stated that was not the exciting part, for them.
This is another iteration of the same old byte code blah blah, and each iteration has gotten better, and this is the best yet. Maybe.
.NET Core started as the Silverlight runtime, didn't it?
Like C and O are both chemical elements, so basically interchangeable, or like horse carriages and oil tankers are both methods of transporting things.